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Navigating the Digital Transformation Journey in Financial Services [Podcast]

Digital Transformation in Financial Services

A podcast episode about the necessity of digital transformation for financial institutions, with examples of how the journey can prove to be painful and full of pitfalls.

As their digital transformation journeys continue into 2020, many financial institutions are sustaining momentum by building on early successes and learning from setbacks.

Senior Vice President and General Manager of Financial Services at Salesforce Rohit Mahna and his colleague Geoff Green, Head of Mortgage and Lending, assessed the industry in light of ongoing digital transformations. Listen to the entire podcast to hear Mahna and Green discuss successful digital transformation in financial services:


While it’s necessary for these financial institutions to go through each step of the digital transformation process, the journey can prove to be painful and full of pitfalls.

"The challenge is a lot of firms have big visions,” Mahna said. “Roughly 80% of firms have some vision around transformation. We hope everyone is succeeding, but the data is telling us under five percent — three percent — of firms are successful with these big transformations.”

Green explained that the customer experience has to be the focus for firms embarking on a digital transformation, but it starts with an internal reflection on process improvement.

"The core is putting the customer at the center of what you’re doing,” Green said. “You still need to turn a system of record into a system of engagement but also break down the human capital silos. From the C-Suite all the way down to the developer level, getting buy-in across the entire organization to collaborate on creating cross-functional processes will facilitate a greater understanding of the customer.”

So as a new year begins, how will firms be successful as they continue down this path?

Customers’ willingness to continue sharing data will also be a key element for success. Accenture found 80% of customers are willing to share their data in return for personalized and convenient services. “Now that they share more data, does trust continue? Does it heighten? Does it lessen?” Mahna said. “That’s going to be an interesting trend to follow.”

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Matt Jaffe Vice President, Salesforce Studios

As an Emmy and Peabody Award winning journalist, Matt spent seven years as a reporter and producer for ABC News, covering the 2008 and 2012 presidential campaigns and breaking news such as Hurricane Sandy and the papal conclave that elected Pope Francis. Prior to coming to Salesforce in 2019, he was communications director at the University of Chicago Institute of Politics and the founder and executive producer of "The Axe Files" podcast featuring David Axelrod, executing the show's partnership with CNN and leading the podcast's transformation into a prime-time CNN TV show. He resides in Chicago with his wife and three daughters.

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